Binance to Discontinue RUB Support in P2P Trading

Binance, the world's largest cryptocurrency exchange, unveiled plans on Monday to discontinue support for peer-to-peer (P2P) trading pairs using the Russian Ruble (RUB) by January 31, 2024.

This strategic move is part of Binance's departure from the Russian market, stemming from its agreement to sell its Russian business to CommEx, aligning with mounting regulatory pressures.

According to an official statement, Binance will halt support for RUB trading pairs, encompassing major cryptocurrencies like Bitcoin and Ethereum, starting precisely at 00:00 (UTC) on January 31, 2024. The pairs set for removal include USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, and RUB/RUB.

The withdrawal process from the Russian market is slated to span about a year. During this phase-out, Binance users can conduct P2P trades with the Russian Ruble at no cost on CommEX. Moreover, users possess the option to withdraw their Russian rubles via Binance's fiat partners before the exchange's stipulated deadline. They can also convert their RUB holdings into cryptocurrencies via Binance Convert, necessitating registration and account linkage with CommEX.

This decision by Binance is a continuation of its gradual retreat from the Russian market. Earlier in November, the exchange began delisting major cryptocurrency pairs in RUB, including ETH, BNB, XRP, ADA, SOL, MATIC, LTC, DOT, and BUSD. Additionally, Binance phased out various other RUB pairs such as ALGO/RUB, ARB/RUB, ARKM/RUB, ARPA/RUB, NEAR/RUB, and WLD/RUB.

Simultaneously, Binance terminated its collaboration with Advanced Cash, a payment processor commonly known as Advcash. This partnership, initiated in 2019, facilitated fund transfers between Binance and numerous Russian banks facing international sanctions.

The alliance with Advcash, headquartered in Belize, enabled customers to deposit and withdraw Russian rubles, an essential feature during Binance's expansion of fiat-to-crypto trading capabilities. However, heightened legal scrutiny and recent developments prompted a reevaluation of Binance's involvement in Russia.

Pulling out of the Advcash partnership aligns with Binance's broader strategy to exit the Russian market amidst allegations of potentially aiding in evading Western sanctions.

The definitive outline of Binance's exit emerged in September when it agreed to sell its Russian operations to the local crypto exchange CommEx. The transition process is anticipated to unfold gradually, potentially spanning a year.

Nevertheless, questions arose regarding CommEX's resemblance to Binance in terms of user interface and its recent establishment. Changpeng “CZ” Zhao, Binance's former CEO, refuted claims of being the owner of the company that acquired Binance's Russian business.

CZ acknowledged that former members of the Binance CIS team might have joined CommEX, viewing this as a positive development. He also noted intentional similarities in design and APIs between CommEX and Binance, aimed at ensuring a seamless and familiar user experience for customers.